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Is Your Business Equipped to Handle Significant Growth?

By Small Business Advice

Growth is not a simple catchword, nor is it just a mantra for businesses. While growth is fundamental to the success and longevity of every business enterprise, it’s important to make sure your company is equipped to handle the significant changes it can bring.   We all want new business, but can your company take on the costs and workload required?    Why is Business Growth Important?    Business growth, properly approached and sustained, can allow a business to expand its products or…

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new business costs

Starting a New Business? Be Prepared For These Costs and Taxes

By Accounting Advice, Small Business Advice

Starting a new business can be exciting, but it comes with challenges, and it can’t be approached casually. Each new business owner faces the necessity of business planning, legal and tax planning, and planning for business startup costs.    Before starting a business, it is important to research the industry, the potential consumer base, the operating geography, and the competitive landscape.    What Are Expected New Business Startup Costs?  To avoid IRS problems and possible business failure, business expenses always need to…

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How Healthy Are Your Profit Margins?

By Small Business Advice

Every small business owner opens his/her business with a dream and a desire to make money. Yet, while the business may have a significant aspirational beginning, there can be no business without profits and no long-term tenure and growth without healthy profit margins. What are profit margins? Profit margins are the measures of what a company makes beyond what it costs to produce goods or to create services. Three profit margin measures provide insight into the health of a business…

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What Are The Tax Obligations On Your Investments?

By Accounting Advice, Small Business Advice

Investing can be a great way to build wealth. At the same time, it is important to take advantage of ways to save money on all investments so that each investor can keep more of his/her gains. Successful investors will choose their investments wisely, watch them carefully, and follow useful investor tax tips. Importantly, keeping good records and obeying tax rules is critical to staying out of trouble with the IRS. What Are Some Ways To Invest? There are numerous…

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tax responsibilities for cryptocurrency

How Should You Report Cryptocurrency on Your Taxes Next Year?

By Accounting Advice, Small Business Advice

Cryptocurrency or “crypto” is a digital form of exchange, not a physical currency. In this form of exchange, values and transactions are stored online in databases that use strong cryptography to secure transaction records, verify the transfers of ownership, and control the creation of additional crypto. The records are maintained by a decentralized system instead of by centralized authorities.   The idea of cryptocurrency has been around for many years, but the concept became reality in 2009 with the launch…

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How This Year’s Tax Return Can Help Next Year’s Tax Filing

By Accounting Advice

Good tax results come from good tax planning. And it’s simply the truth that this year’s tax returns can be beneficial for next year’s tax filing. This Year’s Tax Return Can Help Next Year’s Tax Filing It may be tempting to submit your annual tax returns and then not think about taxes for another year. But there is a better way. Planning ahead can save time and hassle next year and the learning gained in this year’s tax filing can…

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Child tax credit

What To Do About The “Child Tax Credit” Notice From The IRS

By Accounting Advice, Small Business Advice

As part of the stimulus law, there was a provision added that required IRS to begin distributing the child tax credit on a monthly basis for certain taxpayers.  This is nothing more than sending you a monthly check for the child tax credit you received in the past when you file your income tax return.   Many people are confused and think this is another stimulus check (money they never got before).  Here are a few things to consider:  …

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Why It’s Important to Keep Business Expenses Separate

By Accounting Advice, Small Business Advice

A key thing that every small business owner should do is to keep his/her personal and business expenses and all other finances separate.   Who Must Keep Personal and Business Finances Separate?   If a business is formed as a corporation, it is considered a separate legal entity so all finances and business expenses must be separated. If a business is formed as a sole proprietorship, there is no legal distinction between the business and its owner. Therefore, all profits,…

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